Incidentally, Austan Goolsbee will be a member of both the new Economic Recovery Advisory Board and the Council of Economic Advisers. Seems to be a good choice but I have been hearing growing calls for more people from the private sector. Academic economists have lots of value - and probably should take the leadership positions - but maybe it would do no harm to have some commercial experience on board too.

Maybe there are few businesspeople out there who are capable of dealing with the concepts and abstractions involved. Maybe Intellectual Business will make a difference to this in time for the 2024 administration.

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About this blog

This blog is about cognitive and behavioural economics. It discusses their impact on economic theory, and how to apply them in business, especially in pricing and marketing. It also explores how our perceptions and mental models affect the macroeconomy.

My other blog is Pricing Revolution, specifically around innovative pricing models and advice on how businesses can set their prices.

Other things I do

As well as writing this blog, I am chief executive of Inon Pricing Advisers - which uses behavioural economics and psychology research to help companies charge the right prices for their products. Please click through to find out more.

I am also founder of think tank Intellectual Business which publishes research and policy papers on how ideas from economics can be used in business and in the public sector.